Complete 2012 Journal - 2012 NC Conference Journal

Section iV: Legislation and Reports 261
lowing attainment of age 70.
For ministers retiring between January 1 and Annual Conference, under either
option, the first payment shall be paid within 15 working days following the adjournment
of the Annual Conference following the ministers’ retirement or termination
from the Fund. The second and subsequent payments shall be paid annually
between January 1 and January 10 of each year following the year in which the
minister terminates or retires until the account is paid in full.
For ministers retiring between Annual Conference and December 31, the first payment
and second payment for either payment option shall be paid between January
1 and January 10 of the year following the year in which the minister terminates
or retires. Unless the minister selects the six payment option, the account shall be
disbursed in full in the first January after retirement. If the six payment option is
selected, the four remaining installments shall be paid annually between January 1
and January 10 of each subsequent year until the account is paid in full.
B. Direct Rollovers
1. This Article XII.B applies to distributions made on or after January 1, 1993.
Notwithstanding any provision of the Fund to the contrary that would otherwise
limit a distributee’s election under this Article XII.B, a distributee may
elect at the time and in the manner prescribed by the plan administrator, to
have any portion of an eligible rollover distribution paid directly to an eligible
retirement plan specified by the distributee in a direct rollover.
2. Definitions:
(a) Eligible rollover distribution: An eligible rollover distribution is any
distribution of all or any portion of the balance to the credit of the distributee,
except that an eligible rollover distribution does not include: any
distribution that is one of a series of substantially equal periodic payments
(not less frequently than annually) made for the life (or life expectancy) of
the distributee or the joint lives (or joint life expectancies) of the distributee
and the distributee’s designated beneficiary, or for a specified period
of ten years or more; any distribution to the extent such distribution is required
under section 401(a)(9) of the Code as made applicable by section
403(b)(10) of the Code, any amount that is distributed upon hardship, and
the portion of any distribution that is not includible in gross income (determined
without regard to the exclusion for net unrealized appreciation
with respect to employer securities).
(b) Eligible retirement plan: An eligible retirement plan is an individual
retirement account described in section 408(a) of the Code, an individual
retirement annuity described in section 408(b) of the Code, an annuity
contract described in section 403(b) of the Code (including custodial
accounts described in section 403(b)(7) of the Code and retirement
income accounts described in Section 403(b)(9) of the Code), a qualified
plan described in section 401(a) or 403(a) of the Code, or an eligible plan
under section 457(b) of the Code which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a state or political
subdivision of a state which agrees to separately account for amounts
transferred to such 457(b) plan from this Fund, that accepts the distributee’s
eligible rollover distribution
(c) Distributee: A distributee includes an employee or former employee.